Alimentation Couche-Tard, which operates the Circle K and Couche-Tard forecourt banners, has reported a 8.0% increase in revenue in the third quarter of its financial year, to $20.1 billion (€18.9 billion).
The group said that its improved performance was largely due to higher average fuel prices, however its merchandise and services division, which includes its retail operations, also saw sales up.
Merchandise And Services
Total merchandise and service revenues for the third quarter of were $5.0 billion (€4.7 billion), an increase of $167.3 million, the group said.
Same-store sales increased by 4.8% in the US, by 3.5% in Europe (and other regions) and by 2.3% in its home market of Canada – the latter driven by the group's 'Fresh Food, Fast' initiative, as well as a diversified offer in the beverage category.
Gross profit for the third quarter came in at $3.4 billion (€3.2 billion), a 4.3% increase compared to the corresponding period the previous year.
'Maintaining Cost Discipline'
"As our markets across the globe, especially those in Europe, continue to face persistently high inflationary conditions, we have remained focused and committed to delivering a strong and consistent value to our customers and maintaining cost discipline in our operations," commented Brian Hannasch, president and CEO of Alimentation Couche-Tard.
"In convenience across the network, we had notable sales in our food program as well as with our private brand items, both offering high quality at lower price points."
During the quarter, the group entered into a binding agreement to acquire the Big Red Stores brand in Arkansas, a deal that is expected to close in the first half of calendar year 2023, it said.
Read More: Couche-Tard Invests Half Of Circle K Venture Fund In Startups
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